The reaction to insurers bonuses and bankers pensions is getting out of hand, beginning to look a bit like a moral panic
This crisis has been a long time coming & most of us were only too happy to grab our share while the going was good – only our fair share, what we had earned & what we were worth of course
And now we feel virtuous about not buying a new car or other needless gizmos or cheap clothes, or going out for a meal, while feeling fearfully sorry for those who lose the jobs they had making all this stuff or waiting at our table
I am as happy as any one to see arrogant money men getting their come- uppance, economists having to accept that their interpretation of the fundamental assumptions about how markets work are wrong
But I almost worry more about this pack mentality, even wonder if it doesn’t suit somebody, somewhere, to have us all looking the wrong way
And just what good would it do to get rid of Geithner or Myners at this stage? Who would you put in their place? Are we so blessed with people who are just raring to get into those jobs?
